The rouble fell 1.99 percent to its lowest since mid-August, the lira was down 1.5 percent, near the record lows hit in January, the rand and Brazilian real fell 1 percent and the Mexican peso 0.7 percent.

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“There is a lot of volatility ... It is a combination of factors which probably include that we are approaching the end of the year,” said Cristian Maggio, head of emerging markets strategy at TD Securities.

“There is a bit of unwinding going on, a bit of profit taking - the rouble, rand, lira, the Mexican peso ... these are all currencies that have done very well this year.”

Analysts at Man Group said emerging currency weakness could also be explained by various idiosyncratic factors, citing NAFTA concerns for the Brazilian real, diplomatic rifts that have hit the lira, and the unravelling of President Jacob Zuma’s grasp on power for the rand.

“These instances might be unfortunate timing, but, perhaps they could also be the start of something more structural,” the analysts said in a note.